Latin America-focused Orosur Mining (LON:OMI TSX:OMI) has re-organised its management team in a move expected to save at least US$400,000 per year.
Pablo Marcet is to step down as exploration and development director, though he remains as a non-executive.
Daniel Moretti, chief financial officer, has also resigned and his duties will now be handled by Ignacio Salazar, who held the position for five years prior to becoming chief executive in 2013.
Both Marcet and Moretti agreed to halve their termination payments.
Orosur operates the San Gregorio gold mine in Uruguay.